Nautilus 2007 Annual Report Download - page 156

10.3.2 Fixed Charge Coverage Ratio . Commencing with the calendar month ending December 31, 2008, upon the commencement
and during the continuation of a Trigger Period, maintain a Fixed Charge Coverage Ratio of at least 1.0 to 1.0 as of the last day of such
calendar month for the period of twelve calendar months then ending; provided that in the event that a Trigger Period commences in
between measurement dates, this covenant shall be measured for the immediately preceding measurement date at the time of
commencement of such Trigger Period.
SECTION 11. EVENTS OF DEFAULT; REMEDIES ON DEFAULT
11.1 Events of Default . Each of the following shall be an “ Event of Default ” hereunder, if the same shall occur for any reason
whatsoever, whether voluntary or involuntary, by operation of law or otherwise:
(a) A Borrower fails to pay any Obligations when due (whether at stated maturity, on demand, upon acceleration or otherwise);
(b) Any representation, warranty or other written statement of an Obligor made in connection with any Loan Documents or
transactions contemplated thereby is incorrect or misleading in any material respect when given;
(c) A Borrower breaches or fail to perform any covenant contained in Section 7.2 , 7.3 , 7.6 , 8.1 , 8.2.4 , 8.2.5 , 8.5.2 , 10.1.1 ,
10.1.2 , 10.2 or 10.3 ;
(d) An Obligor breaches or fails to perform any other covenant contained in any Loan Documents, and such breach or failure is not
cured within 15 days after a Senior Officer of such Obligor has knowledge thereof or receives notice thereof from Agent, whichever is
sooner; provided , however , that such notice and opportunity to cure shall not apply if the breach or failure to perform is not capable of
being cured within such period or is a willful breach by an Obligor;
(e) A Guarantor repudiates, revokes or attempts to revoke its Guaranty; an Obligor denies or contests the validity or enforceability of
any Loan Documents or Obligations, or the perfection or priority of any Lien granted to Agent; or this Agreement, any Guaranty, any
Security Document or any other material Loan Document ceases to be in full force or effect for any reason (other than a waiver or release
by Agent and Lenders);
(f) Any breach or default of an Obligor occurs under any document, instrument or agreement to which it is a party or by which it or
any of its Properties is bound, relating to any Debt (other than the Obligations) in excess of $5,000,000, if the maturity of or any payment
with respect to such Debt may be accelerated or demanded due to such breach;
(g) Any judgment or order for the payment of money is entered against an Obligor in an amount that exceeds, individually or
cumulatively with all unsatisfied judgments or orders against all Obligors, $2,000,000 (net of any insurance coverage therefor
acknowledged in writing by the insurer), unless a stay of enforcement of such judgment or order is in effect, by reason of a pending appeal
or otherwise;
(h) A loss, theft, damage or destruction occurs with respect to any Collateral if the amount not covered by insurance exceeds
$5,000,000;
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